Always a heavy silver coin weighing around one ounce, during the 19th and 20th centuries the crown declined from being a real means of exchange to being a coin rarely spent and minted for commemorative purposes only. In that format it has continued to be minted, even following decimalisation of the British currency in 1971. However, as the result of inflation the value of the coin was revised upwards in 1990 to five pounds.[1]

Contents

The coin's origins lay in the English silver crown, one of many silver coins that appeared in various countries from the 16th century onwards, the most famous example perhaps being the famous Spanish pieces of eight, all of which were of a similar size and weight (approx 38mm diameter and containing approx 25 grams of fine silver) and thus interchangeable in international trade.[2] The kingdom of England also minted gold Crowns in the 16th and 17th centuries.

The British crown was always a large coin, and from the 19th century it did not circulate well. However, crowns were usually struck in a new monarch's coronation year, true of each monarch since King George IV up until the present monarch in 1953, with the single exception of King George V.

The King George V "wreath" crowns struck from 1927 through 1936 (excluding 1935 when the more common "rocking horse" crown was minted to commemorate the King's Silver Jubilee) depict a wreath on the reverse of the coin and were struck in very low numbers. Generally struck late in the year and intended to be purchased as Christmas gifts, they did not circulate well, with the rarest of all dates, 1934 (mintage just 932), now fetching several thousand pounds each. The 1927 "wreath" crowns were struck as proofs only (15,030 minted).

With its large size, many of the later coins were primarily commemoratives. The 1951 issue was for the Festival of Britain, and was only struck in proof condition. The 1953 crown was issued to celebrate the Coronation of Queen Elizabeth II, while the 1960 issue (which carried the same reverse design as the previous crown in 1953) commemorated the British Exhibition in New York. The 1965 issue carried the image of Winston Churchill on the reverse, the first time a non-monarch or commoner was ever placed on a British coin, and marked his death. According to the Standard Catalogue of coins, 19,640,000 of this coin were minted, a very high number at the time, making them of little value today except as a mark of respect for the national war leader. Production of the Churchill Crown began on 11 October 1965, and stopped in the summer of 1966.

The crown was worth five shillings (a shilling being 12 pre-decimal pence) until decimalisation in February 1971, and was also the basis of other denominations such as the half crown and double crown.

The last five shilling piece was minted in 1965.

The crown coin was nicknamed the dollar, but is not to be confused with the British trade dollar that circulated in the Orient.

In 2014, a new world record price was achieved for a milled silver crown. The coin was issued as a pattern by engraver Thomas Simon in 1663 and nicknamed the "Reddite Crown". This was presented to Charles II as the new crown piece but was ultimately rejected in favour of the Roettiers Brothers' design. Auctioneers Spink & Son of London sold the coin on 27 March 2014 for £396,000 including commission.[4]

After decimalisation on 15 February 1971, a new coin known as a 25p (25 pence) piece was introduced. Whilst being legal tender,[5] and having the same decimal value as a crown, the 25p pieces were issued to commemorate events, such as: the 1972 piece was for the Silver Wedding anniversary of Queen Elizabeth II and Prince Philip, Duke of Edinburgh; the 1977 issue was to celebrate Queen Elizabeth II's Silver Jubilee of ascension to the throne; the 1980 issue was for the 80th birthday of Queen Elizabeth The Queen Mother; and, in 1981, the coin was issued to celebrate the marriage of Charles, Prince of Wales and Lady Diana Spencer. All of these issues were struck in large mintages, in plastic cases, and in cupro-nickel, an alloy of 75% copper and 25% nickel. However, in addition to this, limited numbers of collectors' coins of these modern issues were struck to proof quality separately by the Royal Mint in sterling (92.5%) silver and presented with certificates of authenticity in boxes. The mintages for the silver proof 25p coins issued are as follows:

1972: 100,000

1977: 377,000

1980: 83,672

1981: 218,142

Further issues continue to be minted to the present day, initially with a value of twenty-five pence, and then, from 1990, with a value of five pounds.

The legal tender value of the crown remained as five shillings from 1544 to 1965. However, for most of this period there was no denominational designation or "face value" mark of value displayed on the coin. From 1927 to 1939, the word "CROWN" appears, and from 1951 to 1960 this was changed to "FIVE SHILLINGS". After decimalisation in 1971, the face value kept its five shillings equivalent at 25 new pence, later simply 25 pence, although the face value is not shown on any of these issues.

From 1990, the crown was re-tariffed at five pounds (£5),[1] probably in view of its relatively large size compared with its face value, and taking into consideration its production costs, and the Royal Mint's profits on sales of commemorative coins. While this change was understandable, it has brought with it a slight confusion, and the popular misbelief that all crowns have a five-pound face value, including the pre-1990 ones.

Although all "normal" issues since 1951 have been composed of cupro-nickel, special proof versions have been produced for sale to collectors, and as gift items, in silver, gold, and occasionally platinum.

The fact that gold £5 crowns are now produced means that there are two different strains of five pound gold coins, namely crowns and what are now termed "quintuple sovereigns" for want of a more concise term.[6][7]

New Zealand's original fifty-cent pieces, and Australia's previously round but now dodecagonal fifty-cent piece, although valued at five shillings in predecimal accounting, are all smaller than the standard silver crown pieces issued by those countries (and the UK). They were in fact similarly sized to the predecimal half crown (worth two shillings and sixpence).

For silver crowns, the grade of silver adhered to the long-standing standard (established in the 12th century by Henry II) – the Sterling Silver standard of 92.5% silver and 7.5% copper. This was a harder-wearing alloy, yet it was still a rather high grade of silver. It went some way towards discouraging the practice of "clipping", though this practice was further discouraged and largely eliminated with the introduction of the milled edge seen on coins today.

In a debasement process which took effect in 1920, the silver content of all British coins was reduced from 92.5% to 50%, with a portion of the remainder consisting of manganese, which caused the coins to tarnish to a very dark colour after they had been in circulation for a significant period. Silver was eliminated altogether in 1947, with the move to a composition of cupro-nickel – except for proof issues, which returned to the pre-1920 92.5% silver composition.

Since standardisation of the UK's silver coinage in 1816 (UK Coinage Reform 1816), a crown has, as a general rule, had a diameter of 38.61 mm (1.52"), and weighed 28.276g (1 oz).[8]

Coins of the pound sterling

The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two-pound coin in 1994, ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. From the 16th century until decimalisation, the pound was divided into 20 shillings, each of 12 (old) pence. British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the coins' designs.

Shilling

The shilling is a unit of currency formerly used in Austria, the United Kingdom, Australia, New Zealand, United States and other British Commonwealth countries.
Currently the shilling is used as a currency in four east African countries: Kenya, Tanzania, Uganda and Somalia. It is also the proposed currency that the east African community plans to introduce .
The word shilling comes from old English "Scilling", a monetary term meaning twentieth of a pound, and from the Proto-Germanic root skiljaną meaning 'to separate.' The word "Scilling" is mentioned in the earliest recorded Germanic law codes, those of Æthelberht of Kent.

Five pence (British coin)

The British decimal five pence (5p) coin – often pronounced five pee – is a unit of currency equaling five one-hundredths of a pound sterling. Its obverse has featured the profile of Queen Elizabeth II since the coin’s introduction on 23 April 1968, replacing the shilling in preparation for decimalisation in 1971. A smaller version of the coin was introduced in June 1990 with the older coins being withdrawn on 31 December 1990. Four different portraits of the Queen have been used, with the latest design by Jody Clark being introduced in 2015. The second and current reverse, featuring a segment of the Royal Shield, was introduced in 2008.

Florin (British coin)

The British florin, or two shilling coin, was issued from 1849 until 1967, with a final issue for collectors dated 1970. Valued at one tenth of a pound, it was the last coin circulating immediately prior to decimalisation to be demonetised, in 1993, having for a quarter of a century circulated alongside the ten pence piece, identical in specifications and value.

Threepence (British coin)

The British threepence (3d) coin, usually simply known as a threepence or threepenny bit, was a unit of currency equaling one eightieth of a pound sterling, or three old pence sterling. It was used in the United Kingdom, and earlier in Great Britain and England. Similar denominations were later used throughout the British Empire, notably in Australia, New Zealand, and South Africa.

Half crown (British coin)

The half crown was a denomination of British money, equivalent to two shillings and sixpence, or one-eighth of a pound. The half crown was first issued in 1549, in the reign of Edward VI. No half crowns were issued in the reign of Mary, but from the reign of Elizabeth I half crowns were issued in every reign except Edward VIII, until the coins were discontinued in 1967.

Coins of Australia

Australian coins refers to the coins which are or were in use as Australian currency. During the early days of the colonies that formed Australia, foreign currency was used, but in 1910, a decade after federation, Australian coins were introduced. Australia used pounds, shillings and pence until 1966, when it adopted the decimal system with the Australian dollar divided into 100 cents. With the exception of the first Proclamation Coinage and the holey dollars, all Australian coins remain legal tender despite being withdrawn from circulation.

British twenty-five pence coin

The commemorative British decimal twenty-five pence (25p) coin was issued in four designs between 1972 and 1981. These coins were a post-decimalisation continuation of the traditional crown, with the same value of a quarter of a pound sterling. Uniquely in British decimal coinage, the coins do not have their value stated on them. This is because previous crowns rarely did so.

Coins of the Australian pound

Federation in 1901 gave the Commonwealth a constitutional power to issue coins and removed this power from the States. However, British coins continued in use until 1910, when Australian silver coins were introduced. These included florins, shillings, sixpences and threepences. They had a portrait of King Edward VII on one side. Australian pennies and half-pennies were introduced into circulation the following year. In 1931 gold sovereigns stopped being minted in Australia. A crown or five-shilling coin was minted in 1937 and 1938.

Shilling (British coin)

The shilling (1/-) was a coin worth one twentieth of a pound sterling, or twelve pence. It was first minted in the reign of Henry VII as the testoon, and became known as the shilling from the Old English scilling, sometime in the mid-sixteenth century, circulating until 1990. The word bob was sometimes used for a monetary value of several shillings, e.g. "ten bob note". Following decimalisation on 15 February 1971 the coin had a value of five new pence. It was made from silver from its introduction in or around 1503 until 1947, and thereafter in cupronickel.

Penny (British pre-decimal coin)

The pre-decimal penny (1d) was a coin worth 1/240 of a pound sterling. Its symbol was d, from the Roman denarius. It was a continuation of the earlier English penny, and in Scotland it had the same monetary value as one pre-1707 Scottish shilling. The penny was originally minted in silver, but from the late 18th century it was minted in copper, and then after 1860 in bronze.

Great Recoinage of 1816

The Great Recoinage of 1816 was an attempt by the British Government to re-stabilise the currency of Great Britain following economic difficulties precipitated by the French Revolutionary Wars and the Napoleonic Wars.